AP news reports that Circuit City, the nation's second largest electronics retailer (Best Buy is the largest), is filing for chapter 11 bankruptcy. They'll lay off 700 additional employees and close 20 percent of their stores. Previously they'd announced they'd lay off 17 percent of their work force. The chain will remain open for business however, so they'll be fighting for your holiday dollars.

Circuit City had only one profitable quarter in the past year. They have 34.4 billion in assets and 2.32 billion in liabilities. Companies like HP, Sony, Samsung and Toshiba are their largest creditors.